Credit available to first-time home buyers - Phoenix Business Journal:

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Under the American Recovery and Reinvestment Act of citizens may qualify for the tax credit for purchasint their first home after filingtheir taxes. But under a new state housing finance agencies and nonprofits can advancre money to home buyers up to the full amounf of the tax credit to be used on a home either to pay closing costs or to add to adown “Home buyers using FHA-approved lendera can apply the tax credit to their down paymeny in excess of 3.5 percent of appraised valu e or their closing costs, which can help achievwe a lower interest rate,” a HUD announcementt said. The stimulus tax credit can be claimer on a 2009 or an amendeds 2008tax return.
FHA still will require home buyer s to makea 3.5 percent down payment. Mark Harden is a reporter with the DenverBusiness Journal, a sister